Tax records: What to toss and what to
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something. Here’s what you need to know about keeping financial records involved in your tax […]
Tracking Down Donation Substantiation
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends. […]
Appraisals Aren’t Just for Businesses
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and collectibles, an appraisal may be necessary. Retirement and Estate Planning To enjoy […]
Education Benefits Help Attract and Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options. Educational Assistance Program One popular fringe benefit that an employer can offer is an educational assistance program that […]
Self-Directed IRAs Provide Both Flexibility and Risk
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they’re invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA. Gaining More Control A self-directed IRA is simply an IRA that provides greater control over investment decisions. […]
Business Bad Debt: Preparing for a 2023 Tax Deduction
Is your business facing challenges in collecting payments from clients or vendors? If so, you might be eligible to claim a business bad debt deduction on your upcoming 2023 tax return. However, to take advantage of this deduction, you need to act promptly and meet specific requirements. Understanding Business Bad Debt Deductions To claim a […]
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer will directly pay the disability income to you, […]
IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as much […]
